Pablo Varona, his daughters Maria Liza and Maria Lourdes and Dr Lolita Lim at St Mary's Church in Dubai.
Pablo Varona, his daughters Maria Liza and Maria Lourdes and Dr Lolita Lim at St Mary's Church in Dubai.

Family's tears in Dubai as they mark murdered mother's death



DUBAI // Maria Lourdes Varona, 30, fought back tears as she faced the congregation at St Mary's Catholic Church to mark the first anniversary of her mother's death.
"Our family would like to thank you for coming here today," said Lorna Lim Varona's eldest daughter with a quivering voice. "Although it has been a year, it's still painful...please help us pray for justice for our mum. Your presence means a lot to us.."
Friends, relatives and employees of the murdered Filipina businesswoman were attending a memorial mass in her honour.
Mrs Varona, 51, was found dead on August 31 last year, nearly a week after she was reported missing. She had been stabbed at least six times. Police found her body stuffed in a bag in the boot of her car, a green Jaguar S-Type, in Sharjah's Industrial Area 11.
"Even a year after my sister's death, many of our friends came to celebrate her life and death in this special mass," said Dr Lolita Lim, a dentist in Sharjah.
"It is not surprising that a lot of people fondly remember her and sympathise with us."
The one thing she regrets, she said, was not having spent more time with Lorna while in the UAE.
"We were busy with our respective careers," Dr Lim said. "She was very hands-on with her businesses and raised all her children well."
Lorna's husband, Pablo, said he was thankful beyond words for the show of support and love for his wife.He and youngest daughter Maria Liza, 25, arrived on Friday from Manila, where they had marked the anniversary of her death with sons Joseph Luke, 28, and Joseph Louis, 27, on August 26.
"I'm so happy to see my colleagues, our friends and family members today," Mr Varona said. "Our family is trying to move on but there's no justice yet a year after her death. "
He has attended hearings at Dubai courts since June. At the June hearing, prosecutors accused RA, 49, from the Philippines, of murdering Lorna because she was pressuring him to repay a debt. They said he stabbed her in the stomach and threw her through the window of a flat. He went downstairs and, finding her still alive, finished her off by stabbing her in the neck.
The accused initially denied killing Lorna but confessed after five hours of interrogation, police said. In court he denied a charge of premeditated murder.
The next hearing is scheduled for September 23, when the judge is expected to interrogate the forensic doctor and CID officers who handled the case.
Maria Liza said she was still struggling to move on a year after the tragedy. The support and words of comfort she got from her three siblings, she said, has helped her come to terms with their mother's death.
"It still hurts," she said. "We now often talk about good memories. We don't want to waste what our mother worked hard for so we're here handling the businesses she left behind."
Earlier this year, they sold two of their mother's four business interests. She and Maria Lourdes are both managing the travel agency and a general trading company their mother set up in Dubai.
At the mass, Father David Dominic said the occasion should be a celebration of Lorna's virtuous life on earth and her death.
"Let us pray for the repose of her soul," he said. "Let us reflect on the virtuous life that Lorna led."
Lorna's sister Lolita said Lorna left many happy memories.
"For the past week, I've been dreaming about her," she said. "They were all pleasant dreams."
 
rruiz@thenational.ae

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
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